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SC Bill Would Ban Federal Reserve Notes as Legal Tender

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Before It’s News
Thursday, February 18th, 2010

South Carolina State Representative Mike Pitts has introduced a bill that would no longer recognize Federal Reserve Notes as Legal tender in the state…

Pitts, a fourth-term Republican from Laurens, introduced legislation earlier this month that would ban what he calls “the unconstitutional substitution of Federal Reserve Notes for silver and gold coin” in South Carolina.

If the bill were to become law, South Carolina would no longer accept or use anything other than silver and gold coins as a form of payment for any debt, meaning paper money would be out in the Palmetto State.

Pitts said the intent of the bill is to give South Carolina the ability to “function through gold and silver coinage” and give the state a “base of currency” in the event of a complete implosion of the U.S. economic system.

SC Bill Would Ban Federal Reserve Notes as Legal Tender  190110banner4

“I’m not one to cry ‘chicken little,’ but if our federal government keeps spending at the rate we’re spending I don’t see any other outcome than the collapse of the economic system,” Pitts said.

But one legal expert told The Palmetto Scoop that, even if it were passed, Pitts’ bill would quickly be ruled unconstitutional.

  • A d v e r t i s e m e n t

“It violates a perfectly legal and Constitutional federal law, enacted pursuant to the Commerce Clause of the U.S. Constitution, that federal reserve notes are legal tender for all debts public and private,” the expert said. “We settled this debate in the early 1800s. I appreciate the political sentiment but the law is blatantly unconstitutional.”

Pitts, however, dismissed that claim, saying that “adherence to the Constitution is a two-edged sword. The federal government has consistently violated the Constitution, especially the 10th Amendment and Commerce Clause.”

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This article was posted: Thursday, February 18, 2010 at 5:28 am





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